BUENOS AIRES, Argentina,
March 14, 2017 /PRNewswire/
-- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange:
PAMP), the largest independent energy integrated company in
Argentina, that through its
subsidiaries participates in the electricity and oil and gas value
chain, announces the results for the fiscal year and quarter ended
on December 31, 2016. All figures are
stated in Argentine Pesos and have been prepared in accordance with
International Financial Reporting Standards.
Main Results for the Fiscal Year 2016 ('FY 2016')
In the fiscal year 2016, Pampa's figures consolidate former
Petrobras Argentina's results between August and including October,
and shown merged as of November.
Consolidated sales revenues of AR$31,295
million[1] for the fiscal year ended
on December 31, 2016, higher than
the AR$7,106 million for the same period of 2015, primarily
explained by the addition as of August
2016 of Petrobras Argentina. The net sales increased
AR$2,206 million in power generation, AR$9,277 million in
electricity distribution, AR$7,091 million in oil and gas, AR$6,550
million in refining and distribution, AR$2,507 million in
petrochemicals and AR$26 million in holding and others segment,
partially offset by higher eliminations from intersegment sales for
AR$3,468 million.
Consolidated adjusted EBITDA[2]
of AR$7,344 million for the fiscal year ended on
December 31, 2016, compared to a
AR$4,079 million for the same period of 2015, mainly due to
increases of AR$734 million in power generation, AR$4,637 million
in oil and gas, AR$113 million in petrochemicals and AR$122 million
in intersegment eliminations, partially offset by decreases of
AR$1,132 million in electricity distribution, AR$102 million in
refining and distribution and AR$1,108 million in holding and
others segment.
Consolidated Loss of AR$252 million during the fiscal
year ended on December 31, 2016,
of which AR$11 million is attributable to the owners of the
Company, below the gain of AR$3,065 million attributable to the
owners of the Company in the same period of 2015, mainly explained
by reported losses in electricity distribution (AR$1,147 million),
petrochemicals (AR$89 million) and holding and others (AR$674
million), partially offset by reported profits in power generation
(AR$1,045 million), oil and gas (AR$627 million), refining and
distribution (AR$106 million) and intersegment eliminations (AR$121
million).
Main Results for the Fourth Quarter of 2016 ('Q4
16')[3]:
During Q4 16, Pampa's figures consolidate former Petrobras
Argentina's results during October, and shown merged as of
November.
Consolidated sales revenues of AR$13,015 million for the
quarter ended on December 31,
2016, compared to AR$1,791 million for the fourth
quarter 2015 ('Q4 15'), mainly explained by increases of AR$1,099
million in power generation, AR$3,070 million in electricity
distribution, AR$3,547 million in oil and gas, AR$3,825 million in
refining and distribution, AR$1,592 million in petrochemicals and
AR$1 million in holding and others segment, partially offset by
higher eliminations from intersegment sales of AR$1,910
million.
Consolidated adjusted EBITDA of AR$4,184 million for
the quarter ended on December 31,
2016, compared to an adjusted EBITDA of AR$1,479 million
for Q4 15, mainly due to increases of AR$326 million in power
generation, AR$944 million in electricity distribution, AR$2,248
million in oil and gas segment, AR$70 million in petrochemicals and
AR$100 million in intersegment eliminations, partially offset by
reductions of AR$371 million in refining and distribution and
AR$613 million in holding and others.
Consolidated gain of AR$1,292 million for the quarter
ended on December 31, 2016, of
which AR$982 million are attributable to the owners of the Company,
AR$1,080 million less compared to the gain of AR$2,062 million
attributable to the owners of the Company in the Q4 15, explained
by reported losses in our segments of refining and distribution
(AR$109 million), petrochemicals (AR$118 million), partially offset
by reported earnings in our segments of power generation (AR$439
million), electricity distribution (AR$214 million), oil and gas
(AR$29 million), holding and others (AR$427 million) and
intersegment eliminations (AR$100 million).
|
Consolidated
Balance Sheet
|
|
(As of December
31, 2016 and 2015, in millions of Argentine Pesos)
|
|
|
As of
12.31.16
|
As of
12.31.15
|
|
ASSETS
|
|
|
|
Participation in
joint businesses
|
3,699
|
224
|
|
Participation in
associates
|
787
|
123
|
|
Property, plant and
equipment
|
41,090
|
14,509
|
|
Intangible
assets
|
2,014
|
734
|
|
Biological
assets
|
13
|
2
|
|
Other
assets
|
742
|
2,578
|
|
Financial assets with
a results changing fair value
|
62
|
-
|
|
Deferred tax
assets
|
1,232
|
52
|
|
Trade receivable and
other credits
|
4,469
|
1,229
|
|
Total non-current
assets
|
54,108
|
19,451
|
|
|
|
|
Inventories
|
3,360
|
225
|
|
Other
Assets
|
1
|
-
|
|
Financial assets with
a results changing fair value
|
4,188
|
4,081
|
|
Investments at
amortized cost
|
23
|
-
|
|
Financial
derivatives
|
13
|
-
|
|
Trade receivable and
other credits
|
14,144
|
4,876
|
|
Cash and cash
equivalents
|
1,421
|
517
|
|
Total current
assets
|
23,150
|
9,699
|
|
|
|
|
Non-current assets
held for sale
|
19
|
-
|
|
|
|
|
Total
assets
|
77,277
|
29,150
|
|
|
|
|
As of
12.31.16
|
As of
12.31.15
|
|
EQUITY
|
|
|
|
Share
capital
|
1,938
|
1,696
|
|
Share premium and
other reserves
|
4,963
|
1,231
|
|
Statutory
reserve
|
232
|
51
|
|
Voluntary
reserve
|
3,862
|
978
|
|
Retained
earnings
|
(11)
|
3,065
|
|
Other comprehensive
result
|
70
|
(31)
|
|
Equity
attributable to
owners of the parent
|
11,054
|
6,990
|
|
|
|
|
Non-controlling
interests
|
3,020
|
1,391
|
|
|
|
|
Total
equity
|
14,074
|
8,381
|
|
|
|
|
LIABILITIES
|
|
|
|
Accounts payable and
other liabilities
|
5,336
|
2,699
|
|
Borrowings
|
15,286
|
6,685
|
|
Deferred
revenues
|
200
|
154
|
|
Salaries and social
security payable
|
94
|
80
|
|
Defined benefit plan
obligations
|
921
|
264
|
|
Deferred tax
liabilities
|
3,796
|
592
|
|
Income tax and
minimum expected profit tax liability
|
934
|
272
|
|
Tax
payable
|
306
|
128
|
|
Provisions
|
6,267
|
313
|
|
Total non-current
liabilities
|
33,140
|
11,187
|
|
|
|
|
Accounts payable and
other liabilities
|
12,867
|
6,639
|
|
Borrowings
|
10,686
|
1,308
|
|
Deferred
income
|
1
|
1
|
|
Salaries and social
security payable
|
1,745
|
887
|
|
Defined benefit plan
obligations
|
112
|
46
|
|
Income tax and
minimum expected profit tax liability
|
1,454
|
139
|
|
Tax
payable
|
2,392
|
473
|
|
Financial
derivatives
|
-
|
18
|
|
Provisions
|
806
|
71
|
|
Total current
liabilities
|
30,063
|
9,582
|
|
|
|
|
Total
liabilities
|
63,203
|
20,769
|
|
|
|
|
Total liabilities
and equity
|
77,277
|
29,150
|
|
Consolidated
Income Statement
|
|
(For the fiscal
year and quarter ended on December 31, 2016 and 2015, in millions
of Argentine Pesos)
|
|
|
|
Full
Year
|
|
4thQuarter
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Sales
revenue
|
|
31,295
|
|
7,106
|
|
13,015
|
|
1,791
|
|
Cost of
sales
|
|
(25,136)
|
|
(7,038)
|
|
(9,615)
|
|
(1,875)
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
6,159
|
|
68
|
|
3,400
|
|
(84)
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(2,952)
|
|
(973)
|
|
(1,250)
|
|
(297)
|
|
Administrative
expenses
|
|
(3,676)
|
|
(1,221)
|
|
(1,328)
|
|
(425)
|
|
Exploration
expenses
|
|
(135)
|
|
(3)
|
|
(59)
|
|
(3)
|
|
Other operating
income
|
|
2,854
|
|
941
|
|
829
|
|
611
|
|
Other operating
expenses
|
|
(2,253)
|
|
(769)
|
|
(1,136)
|
|
(335)
|
|
Recovery of property,
plant and equipment impairment
|
|
-
|
|
25
|
|
299
|
|
-
|
|
Results for
participation in joint businesses
|
|
105
|
|
9
|
|
5
|
|
(37)
|
|
Results for
participation in associates
|
|
7
|
|
(10)
|
|
-
|
|
(8)
|
|
Results for sale of
companies' stakes
|
|
480
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Operating income
before higher cost recognition and SE Res. No. 32/15
|
|
589
|
|
(1,933)
|
|
760
|
|
(578)
|
|
|
|
|
|
|
|
|
|
|
Income Recognition -
Injunction in force Note MEyM No. 2016-04484723
|
|
1,126
|
|
-
|
|
1,126
|
|
-
|
|
Income Recognition on
account of the RTI – SE Res. No. 32/15
|
|
419
|
|
5,025
|
|
0
|
|
1,215
|
|
Higher Cost
Recognition – SE Res. No. 250/13 and subsequent Notes
|
|
82
|
|
551
|
|
-
|
|
365
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
2,216
|
|
3,643
|
|
1,886
|
|
1,002
|
|
|
|
|
|
|
|
|
|
|
Financial
income
|
|
893
|
|
336
|
|
410
|
|
140
|
|
Financial
costs
|
|
(4,296)
|
|
(1,257)
|
|
(1,257)
|
|
(561)
|
|
Other financial
results
|
|
(163)
|
|
1,714
|
|
(320)
|
|
1,529
|
|
Financial
results, net
|
|
(3,566)
|
|
793
|
|
(1,167)
|
|
1,108
|
|
|
|
|
|
|
|
|
|
|
Profit before
tax
|
|
(1,350)
|
|
4,436
|
|
719
|
|
2,110
|
|
|
|
|
|
|
|
|
|
|
Income tax and
minimum expected profit tax
|
|
1,098
|
|
(587)
|
|
573
|
|
199
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
|
(252)
|
|
3,849
|
|
1,292
|
|
2,309
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
|
(11)
|
|
3,065
|
|
982
|
|
2,062
|
|
Non-controlling
interests
|
|
(241)
|
|
784
|
|
310
|
|
247
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period attributable to the owners of the Company (AR$ per
share):
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income per share
|
|
(0.0063)
|
|
2.2769
|
|
0.5287
|
|
1.4305
|
|
|
|
|
|
|
|
|
|
For the full version of this Results Report, please visit
Pampa's Investor Relations website: www.pampaenergia.com/ir.
Information about the Conference Call
There will be a conference call to discuss Pampa and Edenor's
fourth quarter 2016 results on Wednesday
March 15, 2017 at 10:00 a.m.
New York Time / 11:00 p.m. Buenos
Aires Time.
The hosts will be Mr. Leandro
Montero, CFO of Edenor and Ms. Lida
Wang, Investor Relations Manager at Pampa. For those
interested in participating, please dial 0-800-444-2930 in
Argentina, +1 (844) 854-4411 in
the United States or +1 (412)
317-5481 from any other country. Participants of the conference
call should use the identification password Pampa Energía / Edenor
and dial in five minutes before the scheduled time. There will also
be a live audio webcast of the conference at
www.pampaenergia.com/ir.
You may find additional information on the Company
at:
- www.pampaenergia.com/ri
- www.cnv.gob.ar
- www.sec.gov
For further information, contact:
Gustavo Mariani
Executive Vice-president
Ricardo Torres
Executive Vice-president
Mariano Batistella
Executive Director of Planning, Strategy &
Affiliates
Lida Wang
Investor Relations Officer
The Pampa Energía Building, Maipú 1 (C1084AB) Ciudad de
Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
investor@pampaenergia.com
www.pampaenergia.com/ri
[1] Under the International Financial Reporting
Standards ('IFRS'), OldelVal, Refinor, TGS and Transener are not
consolidated in Pampa's income statement and balance sheet, being
only its equity income shown as 'Results for participation in
associates' and 'Results for participation in joint businesses'.
For more information, please refer to section 3 of this Earnings
Release.
[2] Adjusted consolidated EBITDA represents the
consolidated results for continuing activities before net financial
results, income taxes, depreciation, amortization, one-time income
and expenses, and non-controlling interest, including other
non-accrued collections and other adjustments related to IFRS. For
more information regarding the adjustments in the EBITDA, please
refer to section 3 of this Earnings Release.
[3] The financial information presented in
this document for the quarters ended on December 31, 2016 and of 2015 are based on
unaudited financial statements prepared according to the IFRS
accounting standards in force in Argentina corresponding to the fiscal years
2016 and 2015, and the quarter ended on December 31, 2016 and of 2015 and the results
corresponding to the nine-month period of 2016 and of 2015.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pampa-energia-announces-results-for-the-fiscal-year-and-quarter-ended-on-december-31-2016-300423618.html
SOURCE Pampa Energia S.A.